Summary of this article
One time commission taxable under other sources usually use ITR1.
Home loan interest allowed up to two lakh after possession.
NRI can file ITR electronically and complete verification within deadline.
I work in a limited company. Tax has already been deducted on my salary. I also have interest income from bank fixed deposits (FDs) and a savings bank. I have also received a commission of Rs 50,000 for facilitating a private real estate deal during the year. I do not work as an estate agent. It was a one-off transaction. Which form should I use to file my income tax return?
Since you are not an estate agent and do not receive commission income regularly, you are not carrying on a business or profession. So, commission income can be offered for tax under the head “Income From Other Sources”. So you can file your ITR in form no. ITR 1. However if you intend to claim expenses against the commission income, you will have to file ITR 2.
I got possession of an under-construction house in March 2026. Can I claim deduction of Rs 2 lakh for interest paid on the equated monthly instalment (EMI) of my home loan while filing my ITR. I could not submit this to my office in February as I did not have possession of the house at that time. I follow the old tax regime.
Yes, you can claim the interest paid for the whole year provided the house is completed during the year and you have taken possession of the house during the year. The amount of claim would depend on whether the house is used by you or is let out. In case it is self-occupied, you will be able to claim interest on home loan up to Rs 2 lakh in a financial year including one-fifth of the pre-EMI interest, if any. In case the house is let out, you can claim the full interest. In case there is loss under the house property head, you can set off the loss against your income only up to Rs 2 lakh every year. Any loss remaining unabsorbed is allowed to be carried forward for set-off in subsequent years against house property income. The above provisions will apply as you have been filing your ITR under the old tax regime.
I am an NRI and my income in India is Rs 4.50 lakh only. Since I cannot come to India before July 31, 2026, can I file my ITR electronically?
Since the ITR has to be filed electronically, you can file it from your place. Please file it by July 31, 2026 to avoid the mandatory late fee. If possible, verify the ITR electronically. If you can not verify the ITR electronically, please ensure to send the ITR V to CPC so as to reach there within 30 days of filing the ITR electronically.
The author is a tax and investment expert and can be reached at jainbalwant@gmail.com
(Disclaimer: Views expressed are the author’s own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.)
